Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Chinese authorities have begun to ban public opinion against non-state-owned companies.</li>
<li>These actions were the opposite to what the authorities did in past years.</li>
<li>We believe the authorities need non-state-owned companies to bail the unemployed young people out of the weak job market.</li>
</ul>


Chinese authorities have begun to ban public opinion against non-state-owned companies.
These actions were the opposite to what the authorities did in past years.
We believe the authorities need non-state-owned companies to bail the unemployed young people out of the weak job market.


Alibaba (9988 HK): Chinese Authorities Turning Opposite to Encourage Non-State-Owned Companies

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>3690.HK/BABA: Meituan and Alipay release reports on May 1st holiday consumption (+)</li>
<li>PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective</li>
<li>LEGN： Johnson &amp; Johnson licensed its next generation CAR-T from a delisted Chinese biotech(-)</li>
</ul>


3690.HK/BABA: Meituan and Alipay release reports on May 1st holiday consumption (+)
PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective
LEGN： Johnson &amp; Johnson licensed its next generation CAR-T from a delisted Chinese biotech(-)


China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN - Meituan and Alipay Release May 1st Holiday Data

<ul>
<li>Meituan has recently implemented three strategies to compete with Douyin: a low-price strategy, the addition of more video/live streaming content, and a management reorganization.</li>
<li>The low-price strategy has already shown some promising results, as seen in the slowdown of Douyin's local service GTV and the number of new merchants joining its platform.</li>
<li>However, the effectiveness of the other two strategies, particularly Meituan's push to add more video content, remains unclear.</li>
</ul>


Meituan has recently implemented three strategies to compete with Douyin: a low-price strategy, the addition of more video/live streaming content, and a management reorganization.
The low-price strategy has already shown some promising results, as seen in the slowdown of Douyin's local service GTV and the number of new merchants joining its platform.
However, the effectiveness of the other two strategies, particularly Meituan's push to add more video content, remains unclear.


Meituan's Strategies to Compete with Douyin: A Review of the Latest Three

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Labour Day (LD) Holiday data revealed a strong recovery trend for travel industry aided by the release of pent-up demand, which is likely to trend into 3Q22 aided by the coming of peak summer holiday travel period.</li><li>With the recovery of offline activities and low base effect, local consumer services industry also saw robust recovery, while the evolvement of competitive landscape is the key to watch.</li><li>Maintain BUY on TCOM, BABA, and Meituan.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Labour Day (LD) Holiday data revealed a strong recovery trend for travel industry aided by the release of pent-up demand, which is likely to trend into 3Q22 aided by the coming of peak summer holiday travel period.With the recovery of offline activities and low base effect, local consumer services industry also saw robust recovery, while the evolvement of competitive landscape is the key to watch.Maintain BUY on TCOM, BABA, and Meituan.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet – Release of pent-up demand aids robust travel and consumption recovery

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We analyzed the Hong Kong Connect Scheme for April and highlight flows for China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent, HKEx.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We analyzed the Hong Kong Connect Scheme for April and highlight flows for China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent, HKEx.


Hong Kong Connect Flows Monthly: China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

Price Gauge
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Meituan (3690 HK)

Alibaba (9988 HK): Chinese Authorities Turning Opposite to Encourage Non-State-Owned Companies

Chinese authorities ban public opinion against non-state-owned companies. We believe the authorities need non-state-owned companies to save the...

Ming Lu

China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN - Meituan and Alipay Release May 1st Holiday Data

3690.HK/BABA: Meituan and Alipay release reports (+)；PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective；LEGN：...

Blue Lotus Research Institute

Meituan's Strategies to Compete with Douyin: A Review of the Latest Three

Meituan has implemented three strategies to compete with Douyin: a low-price strategy, the addition of more video/live streaming content, and a...

Blue Lotus Research Institute

China Internet – Release of pent-up demand aids robust travel and consumption recovery

With the recovery of offline activities and low base effect, local consumer services industry also saw robust recovery, while the evolvement of...

CMB International

Hong Kong Connect Flows Monthly: China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent

We analyzed the Hong Kong Connect Scheme for April and highlight flows for China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent, HKEx.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)